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Photographic 

Sciences 

Corporation 


23  WEST  MAIN  STREET 

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CIHM/ICMH 

Microfiche 

Series. 


CIHM/ICMH 
Collection  de 
microfiches. 


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Technical  and  Bibliographic  Notes/Notes  techniques  et  bibliographiques 


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Transparence 

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10X  1#X  18X  22X 


26X 


30X 


a 


12X 


16X 


20X 


24X 


28X 


32X 


liummmimmlilimt^i  - 


tails 

du 
odifier 

une 
mage 


The  copy  filmed  here  has  been  reproduced  thanks 
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gAnirositA  de: 

Library  of  Congress 
Photoduplication  Service 

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conformity  avec  les  conditions  du  contrat  de 
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Original  copies  in  printed  paper  covers  are  filmed 
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or  illustrated  impression. 


The  last  recorded  frame  on  each  microfiche 
shall  contain  the  symbol  — ^>  (meaning  "CON- 
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right  and  top  to  bottom,  as  many  frames  as 
required.  The  following  diagrams  illustrate  the 
method: 


Les  exemplaires  originaux  dont  la  couverture  en 
papier  est  ImprimAe  sont  film6s  en  commenpant 
par  le  premier  plat  et  en  terminant  soit  par  la 
dernidre  page  qui  comporte  une  empreinte 
d'impression  ou  d'illustration,  soit  par  le  second 
plat,  seion  le  cas.  Tous  les  autres  exemplaires 
originaux  sont  film6s  en  commengant  par  la 
premidre  page  qui  comporte  une  empreinte 
d'impression  ou  d'illustration  et  en  terminant  par 
la  derni^re  page  qui  comporte  une  teile 
empreinte. 

Un  des  symboles  suivants  apparaitra  sur  la 
dernidre  image  de  cheque  microfiche,  selon  le 
cas:  le  symbole  — ►  signifie  "A  SUIVRE  ".  le 
symbole  ▼  signifie  "FIN  ". 

Les  cartes,  planches,  tableaux,  etc.,  peuvent  dtre 
filmte  d  des  taux  de  rMuction  diff6rents. 
Lorsque  le  document  est  trop  grand  pour  dtre 
reproduit  en  un  seul  cliche,  il  est  film6  A  partir 
de  I'angle  supArieur  gauche,  de  gauche  d  droite, 
et  de  haut  en  bas,  en  prenant  le  nombre 
d'images  n^cessaire.  Les  diagrammes  suivants 
iilustront  la  m^thode. 


irrata 
to 


pelure, 
nd 


□ 

32X 


1 

2 

3 

1 

8 

3 

[ 

S 

6 

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FAYMKNT    OF    THP:    DPJBT 

H  Jr> }  1 2.     • 
•  Ms 

A   REVIEW 


I' 


OF   THB 


Ohio  Democratic  Financial 


New  Departure. 


•'/■ 


^Y  Hon.  Joseph    Medill, 


HKFUKR   TIIK 


AT 

COLUMBUS,  OEirO,   AUGUST  81,^1871.         "^^■ 


\ 


CHICAGO: 

Rand,  McNali.v  «  Co.,  Printers,  51  Ci.ahk  Stkekt. 

1871. 


^ 


K.. 


~dM« 


•f 


F^J 


Pj!\.yment  op  the  debt. 


A    REVIEW 


or   TUB 


OHIO  DEMOCRATIC  FINANCIAL  NEW  DEPARTURE. 


«\»y^  BY  HON.   JOSEPH   MEDILL, 

Before  the  YOUNG  MEN'8  REPUBLICAN  CLUB,  at  COLUMBUS,  OHIO,  Ang.  81,  18T1. 


"*• 


,1-f 


The  Democracy  of  Ohio  have  taken  what  they  call  a  "  Financial  New 
Departure."  It  is  set  forth  in  the  twelfth  plank  of  their  State  pUittbrm, 
ana  has  found  an  expounder  and  defender  in  General  Thomas  Ewing, 
the  salt  boiler's  illustrious  son,  who  stands  so  high  in  his  party  that 
in  less  than  two  years  he  was  a  candidate  for  District  Attorney  of 
Washington,  Senator  from  Kansas,  and  Governor  of  Ohio.  Of  the 
other  parts  of  his  speech  it  may  be  said,  that  "  the  good  things 
were  not  new,  and  the  new  things  were  not  good."  I  will, 
therefore,  proceed  to  examine  this  new  financial  departure  and  the 
arguments  adduced  in  its  behalf. 

With  the  political  New  Departure,  proposed  at  Dayton,  and  adopted 
at  Columbus,  the  public  is  tolerably  conversant  But  I  discover  an 
astonishing  difference  in  the  fiscal  plank  devised  by  Vallandigham  und 
that  incorporated  into  the  Columbus  platform.  For  easy  comparison  I 
place  them  in  juxtaposition  : 


VALLANDiaHAM'S  PLA.NE. 

That  we  are  in  favor  of  the  payment  of 
the  public  debt  at  the  earliest  practical 
momdiit  consistent  with  mudernte  tnxiition, 
and,  more  eflfeccually  to  socure  and  hasten 
its  payment,  we  demand  the  strictest  honesty 
and  economy  in  every  pitrt  of  the  adminis- 
tration of  the  government. 

That  specie  is  the  basis  of  all  sound  cur- 
rency, and  that  the  true  policy  requires  as 
speedy  a  return  to  that  basiii  as  is  praciioal>le 
without  distress  to  the  debtor  class  of  the 
people. 


COLUMBUS  PLANK. 

«  •         *  *         «         * 

That  the  creditor  is  entitled  to  be  paid  in 
the  same  currency  he  loaned  to  the  govern- 
ment ;  that  when  he  loaned  greenbacks  he 
siiould  be  paid  in  g'eenbacks,  unless  the 
contract  otherwise  provides  ;  and  when  he 
loaned  gold  he  should  be  paid  in  gold.  That 
to  guard  against  too  gre.it  an  expansion, 
greenbacks  should  be  made  conver'.ible  into 
3  per  cent,  bonds  at  the  option  of  the  note 
holder,  said  bomls  to  be  rede^ed  in  green- 
backs on  demand,  cu-itom  duties  to  be  paid 
in  greenbacks.  This  policy  would  secure  a 
uniform  currency,  stop  gambling  in  gold(?) 
and  thereby  elevate  the  credit  of  the  gov- 
ernment. 

The  one  has  the  ring  of  the  genuine  metal ;  the  otheljijjs  not  even 
pewter — it  is  putty.  The  first  is  a  return  to  the  ancient  faith  of  the 
Democracy  ;  the  other  is  wildcat,  of  the  most  vicious  breed.  The  for- 
mer is  in  accordance  with  the  principles  of  the  constitution,  and  the 
sentiments  of  sensible  and  patriotic  men  ;  the  latter  is  in  flagrant  viola- 
tion of  the  Fourteenth  Amendment,  inasmuch  as  the  intention  and 
effect  are  to  defraud  the  public  creditors  of  their  just  claims.  Vallan- 
digham's  plank  means  honest  payment  of  the  national  debt;  the 
Columbus  plank  means  repudiation. 


<mmt 


2      H  J?  112- 

Not  the  least  remarkable  thing  connected  with  this  now  financial 
departure  is  the  fact  thai  only  the  Ohio  Democracy  have  taken  it.  The 
Democratic  organization  in  no  other  State,  West  or  East,  Soutli  or  North, 
are  advocating  in  their  platform  the  payment  of  the  debt  in  irredcemji- 
ble  notes,  or  a  material  expansion  of  the  existing  currency.  The  Ohio 
Democracy  must  think  they  hold  a  "mighty  good  hand"  to  play  this 
greenback  game  alone.  At  all  events,  the  scheme,  like  the  old  wild-cat 
bank  notes,  has  no  credit,  and  does  not  pass  in  any  State  beyond  the 
one  in  which  it  was  started, 

WHO    INVENTED    THE  SCHEME. 

This  Columbus  twelfth  plank,  which  General  Ewing  calls  the  "  Dem- 
ocratic Financial  New  Departure,"  has  not  even  the  merit  of  originality. 
The  inflation  part  of  it  is  copied  from  Pendloton's  scheme,  developed  m 
1868;  and  the  device  for  converting  greenbacks  into  3  per  cent,  cur- 
rency bonds,  and  the  bonds  back  into  greenbacks,  was  invented  by 
Ben.  F.  Butler  in  1866,  and  since  discarded  by  him  as  a  humbug.  He 
was  sharp  enough  to  perceive  that  an  irredeemable  promissory  note, 
convertible  into  a  non-pav-.blo  bond,  was  a  piece  of  linancial  machinery 
that,  like  all  other  per;)Otual  motion  contrivances,  would  not  go.  So  he 
dropped  it.  But  the  Ohio  Democracy  have  taken  it  up,  and  made  it 
the  cliief  plank  in  their  platform.  Take  a  serious  look  at  this  precious 
scheme  for  enriching  everybody  and  paying  off  the  debt,  without  giv- 
ing a  cent  of  actual  value.  /■  r,    c  oa 

Greenback  notes  are  to  be  manufactured  to  the  amount  of  the  5-20 
bonds,  which  General  Ewing  says  is  $1,600,000,000  (though  in  fact  but 
$1,200,000,000),  and  these  notes  are  to  be  tendered  to  the  holders  of 
those  bonds. 

WHAT  WILL  THE   HOLDERS  DO  WITH   THEM? 

If  they  i-efuse  acceptance— what  then  ?  Why,  stop  the  interest  and 
"  let  them  sweat."  Yes,  that's  the  little  game.  But  if  they  should 
conclude  to  accept  this  "  watered  "  wildcat,  what  will  they  do  with  it? 
It  is  not  to  be  redeemed  in  gold,  or  made  convertible  into  any  tangible 
property.  As  the  Democratic  platform  sarcastically  observes,  there 
will  be  no  gold  gambling  in  those  nqtes.  No  broker  in  the  world  would 
give  an  ounce  of  gold  for  a  ton  of  them-  There  will  be  no  speculation  m 
any  gold-dealer's  eye  when  shown  those  picture  promises.  Whoever 
goes  into  Wall  street  with  a  wallet  full  of  them  will  hear  the  pbserva- 
tion  of  the  policeman  addressed  to  the  vagrant,  "  Move  on,  sir." 

But  the  holder,  we  are  told,  can  change  them  into  3  per  cent,  bonds. 
And  then  he  can  convert  the  bonds,  when  he  gets  tired  of  looking  at 
them,  into  what?  Gold?  No.  Wheat  or  cattle?  No.  Values  of 
any  kind?  No;  but  back  into  the  original  wildcats.  Thus  they 
shuttle-cock  backward  and  forward  forever,  and  the  national  debt  is  to 
be  deemed  paid.  It  may  be  said  of  this  scheme  as  David  said  of  the 
structure  ot  man  :    It  is  "  fearfully  and  wonderfully  mad&" 

AN   ELASTIC   AND  STABLE  CURRENCY. 

General  Ewing  says  that  those  wildcat  notes  "  will  furnish  the  coun- 
try with  a  very  elastic  currency."  No  doubt  they  will  be  as  elastic  as 
air  or  any  other  gas,  and  as  unsubstantial  as  the  stuff  of  which  sick 


f 


w  financial 
en  it.  Tlio 
li  or  North, 
irredeeniii- 
The  Ohio 
)  play  this 
lid  wild-cat 
jeyond  the 


the  "  Dem- 
originality. 
Bveloped  m 
r  cent,  cur- 
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nibug.  He 
ssory  note, 
machinery 
go.  So  he 
,nd  made  it 
lis  precious 
vithout  giv- 

of  the  5-20 
I  in  tact  but 
5  holders  of 


interest  and 
they  should 

do  with  it? 
my  tangible 
erves,  there 
vorld  would 
•eculation  in 
Whoever 
the  observa- 
,  sir.'' 

cent,  bonds. 
f  looking  at 
Values  of 

Thus  they 
ftl  debt  is  to 
1  said  of  the 


sh  the  coun- 
I  as  elastic  as 
I  which  sick 


i 


men'H  dreams  arc  made.  But  it  will  make  a  .<»table  (Mirrcncy,  ho  says — 
whicli  is  probably  true,  as  the  gold  value  of  those  notes  will  bo  zero, 
and  tlicirpurijliusingpowerthe  same.  Tlicir correlative Ibnn  into  bonds 
will  be  no  more. 

WHAT  A   NOTE  OU  nONI)   IS  WORTH. 

A  note  or  bond  is  worth  to  the  holder  that  in  which  it  is  to  be  paid, 
provided  the  maker  is  known  to  be  solvent  and  i)unctual.  If  it 
calls  for  gold,  wheat,  cattle,  or  iron,  it  is  wortli  what  they  are  worth. 
If  it  calls  for  chips  or  chaff,  it  is  worth  so  much,  and  no  more.  If  it 
is  to  be  paid  in  another  promise  and  that  promise  is  redeemable 
only  in  the  first  promise,  then  it  is  worth  nolhing,  because  it  i.i  merely 
wind,  redeemable  in  wind.  The  interest  on  such  a  bubble-bond  might 
as  well  be  30  or  300  per  cent,  as  8  per  cent,  as  it  will  cost  the  make  "no 
more  to  pay  one  rate  of  bubble-interest  than  another. 

It  is  obvious  that  the  authors  of  the  Democratic  financial  plank  have 
discarded  the  science  of  political  economy,  and  treat  the  exp'Tience  of 
mankind  with  contempt.  They  coolly  anil  conceitedly  brush  away  and 
reject  the  universal  conception  of  the  difference  between  capital  and 
credit,  value  and  promise,  money  and  notes,  the  nature  and  functions  of 
gold,  and  that  which  gives  value  to  a  promise  to  pay.  They  leave 
entirely  out  of  sxghi  payment  awX  rede7n/)tion,  and  teach  that  the  Federal 
Government  has  the  power  to  stamp  actual  value  on  that  which  in  itself 
has  none;  that  it  can  put  forth  an  almighty  fiat  that  will  transform  an 
airy  nothing  into  -an  equivalent  of  all  values,  and  give  that  which  is 
worthless  the  purchasing  power  of  sdlid  coin. 

MAKING   A   FALSEHOOD   EQUAL  TO  THE  TRUTH. 

It  recjuires  a  full  exercise 'of  Christian  faith  to  believe  that  the  Deity 
himself  can  create  something  out  of  nolhing,  and  it  has  proven  a  sore, 
stumbling-block  to  many  a  poor  sinner  to  give  the  statement  full  and 
unqualified  credence  But  the  Democratic  Convention  of  Ohio  deem  it 
an  easy  thing  for  the  Federal  Government,  with  "  limited  powers  to  be 
strictly  construed,"  to  perform  a  more  difficult  miracle,  viz.:  To  make  a 
falsehood,  known  to  be  such,  equal  to  the  truth.  The  proposed  green- 
backs will  read  something  like  this.  -'The  United  States  promise  to 
pay  the  bearer  ten  dollars,  payable  ai  ir.  i  Treasury  of  the  United  States, 
at  Washington  ;  but  this  promise  is  m.  de  in  a  Pickwickian  sense,  and 
is  never  to  be  redeemed  in  any  tangible  substance — especially  not  in  gold 
or  silver."  This  is  the  idea,  whatever  the  form  of  words  may  be.  Is 
it  possible  to  conceive  any  scheme  more  preposterous  ? 

AXIOMS  OP  POLITICAL   ECONOMY. 

Let  us  devote  a  few  moments  to  the  consideration  of  some  funda- 
mental axioms  and  facts  in  regard  to  wealth,  credit,  debt,  money.  In 
science  the  term  "  wealth  "  includes  all  objects  of  vah:e,  and  no  other. 
What  is  value  ?  It  is  an  object  of  man's  desires  that  can  be  obtained 
only  by  labor. 

Value  is  the  exchange  power  which  one  commodity  or  service  has 
in  relation  to  another.  The  degree  of  value  a  thing  possesses  is  meas- 
ured by  its  purchasing  power.  Value  is  the  market  relation  of  two 
servicea     It  is  what  a  man  gets  for  what  he  gives  that  determines  value. 


In  common  nhrnse  a  thing  ia  worth'  what  it  will  fetch  ;  that  is,  whftt 
BOJne  one  will  volunUirily  give  for  it. 

Cai'ITAl  ia  the  j)oitioii  of  wealtli  employed  in  renrodnclinn.  Mono'r 
is  one  form  of  capihil.  It  is  that  })ortion  of  oiipital  which  is  employed 
in  reproduction  for  the  speciiil  purpose  of  elfocting  easy  oxchaiigo  of 
values,  comnKxlities,  and  services. 

Lahok  is  the  voluntary  elVort  of  human  beings  to  produce  objects  of 
desire,  or  objects  to  be  exchanged  for  articles  of  desire. 

Money,  by  the  usage  of  nations,  ancient  and  modern,  consists  of 
stamped  and  assayed  pieces  of  gold  and  silver  nietul ;  and,  aLso,  some 
baser  metals  for  trifling  transactions.  The  "dollar"  of  the  United 
States  means  23i  grains  of  gold,  or  417  of  silver. 

ClTKHENCY,  in  mercantile  meaning,  consists  of  notes  issued  by  gov- 
ernment or  private  corporations,  promising  to  pay  the  holder  "  money," 
i  ft,  gold  and  silver. 

A  NoTK  ia  a   written  or  printed   piece  of  paper  acknowledging  a 
debt,  and  promising  payment  on  demand,  or  on  a  day  named,  with  or 
witliout  interest,  according  to  agreement  or  law.     This  is  the  character 
of  a  note,  whether  called  a  "  greenback,"  bank  note,  promissory  note, 
or  due  bill. 

A  Debt  is  that  which  is  due  from  one  person  to  another,  whether 
goods,  services  or  money.  A  debt  means  that  A  has  some  of  B's  prop- 
erty, for  which  he  has  given  in  return  no  equivalent,  or  satisfaction  to 
B,  except  a  note,  which  is  B's  evidence  of  the  claim,  and  A's  jm)mi8e 
to  pay  It ;  that  is,  to  return  to  B,  on  demand,  or  at  a  time  stated,  capi- 
tal to  the  amount  agreed  upon,  in  exchange  for  the  property  placed  in 
A's  handa  And  the  negotiable  and  exchangeable  value  of  the  note 
depends  entirely  upon  the  faith  of  the  holder  and  purchaser  that  the 
promise  ivill  be  performed.  If  it  were  believed  that  B  would  never 
pay  the  note,  its  value  would  be  nil.  A  greenback  is  no  exception  to 
the  rule.  When  it  beconfes  known  that  greenbacks  are  never  to  be 
redeemed,  their  purchasing  power  will  sink  into  nothingness.  A  prom- 
ise not  to  be  perlormed  has  the  value  of  a  falsehood,  whether  maue  by 
a  nation  or  an  individual. 

GOLD  AND   SILVER  AS  STANDARDS  OF  VALUE. 

To  render  the  discharge  of  debts  convenient,  and  the  exchange  of 
commodities  easy,  mankind  have  agreed  to  exchange  all  values  and 
accept  payment  of  all  notes  in  the  metals  gold  and  silver.  The  ques- 
tion of  amount  is  fixed  by  the  bargain  or  contract,  and  what  is  culled 
market  pric&  There  is  no  other  recognized  standard  of  value  but  gold 
and  silver.  The  value  of  a  note — that  is,  its  purchasing  power — is 
exactly  equal  to  the  weight  of  gold  that  some  broker  or  banker  will 
give  tor  it  Ascertain  its  market  value  in  gold,  and  then  you  will 
know  how  much  of  commodities  or  services  it  will  purchase.  The 
gold  brokers  have  fixed  the  exchangeable  value  of  every  United  States 
note  since  the  first  one  was  issued.  The  government  being  unable  or 
unready  to  redeem  its  notes  as  promised,  but  allowing  them  in  effect  to 
go  to  protest,  the  gold  brokers  stepped  forward  and  redeemed  them  at 
a  discount  The  greenbacks  and  all  other  forma  of  Federal  notes  have 
been  redeemed  in  gold  by  the  brokers  every  day  since  they  were  issued, 
but  not  at  par;  they  have  been  purchased  at  a  variable  and  fluctuating 
discount,  just  as  any  other  overdue  and  protested  paper  would  be. 


at  i»,  wlint 

Monov 
employed 
xuliiiiigo  of 

objects  of 

consista  of 
also,  some 
the  tlnited 

led  by  gov- 
"  money," 

wledging  a 
ed,  witli  or 
e  eharaeter 
iasory  note, 

ler,  whether 
of  B's  prop- 
tirtfuction  to 
A 'a  jiromise 
stated,  capi- 
by  placed  in 
of  the  note 
ser  that  the 
A'ould  never 
jxception  to 
never  to  be 
3.  A  prem- 
ier made  by 


exchange  of 
1  valuea  and 
The  quea- 
hat  ia  called 
lue  bat  gold 
ig  power — is 

banker  will 
hen  you  will 
•chase.  The 
Fnited  States 
)g  unable  or 
ft  in  effect  to 
med  them  at 
il  notes  have 

were  issued, 
d  fluctuating 
ould  be. 


IIIIM   M  Wl.J    I 


NKCKHSITY  OF  UEDKMrTION  IN  COIN. 

If  the  gold  brokers  should  lose  faith  in  their  ultimate  redemption 
by  the  f»overnmetit,  and  refii.so  to  purchase  thcin  in  gold  at.  anj? 
price,  they  would  quickly  sink  out  oi  sight  as  a  circulating  medium. 
The  bottom  would  fjiU  out,  as  it  did  out  of  the  Continental  currency, 
the  French  assignate,  and  Confederate  notes.  Their  legal-tender 
pro])crticH  might  keep  them  afloat  at  a  few  cents  on  the  dollar  until 
debtors  had  discharged  their  debts  and  swindled  their  creditors;  but 
after  that  they  would  be  worth  what  the  rag-man  would  pay  for  them 
by  the  pound.  They  would  sell  by  weight,  and  a  .$1,000  greeni)ack 
would  fetch  no  more  than  a  $1  greenback.  The  government,  by  an 
arbitary  act  of  power,  may  compfd  a  creditor  to  accept  a  greenback  in 
discharge  of  a  debt,  just  as  it  might  conliacate  u  man's  property.  But, 
with  all  its  strength,  it  has  not  the  power  to  force  the  people  to  give 
their  property  in  exchange  for  greenbacks,  or  to  lix  any  purchasing 
power  to  such  notes.  No  government,  however  despotic  or  desncrate, 
powerful  or  persuasive,  was  ever  able  to  stamp  exchangeable  value  on 
notes  that  had  no  redemption  behind  them,  or  to  fix  their  purchasing 
power,  or  gold  value,  one  iota  above  what  the  gold  brokers  would  vol- 
untarily pay  for  such  notes.  Either  the  principal  or  interest  of  a  bond 
must  be  payable  in  coin  to  give  it  any  value  whatever,  and  a  note 
must  be  convertible  into  coin  or  its  equivalent,  at  some  time,  to  render 
it  worth  anything.  There  must  be  an  umbilical  cord,  so  to  8i)eak, 
leading  from  the  promise  in  the  eye  of  faith  to  a  golden  redemption, 
or  the  note  can  have  no  market  value. 

WHAT  GIVES  GOLD  AND  SILVER  THEIR  VALUE. 

But  why  do  mankind  universally,  and  from  time  immemorial,  receive 
gold  and  silver  coin  in  exchange  for  all  commodities  and  services,  and 
in  payment  of  all  debts?  The  fact  cannot  be  disputed.  From  the  days 
of  Abraham,  who  paid  "  400  shekels  of  current  money  with  merchants 
for  the  field  of  Epiiron,"  to  the  present  day,  the  money  of  commerce 
has  been  gold  and  silver. 

Why  is  this? 

Because,  Firet.  They  cost  labor,  and  are  objects  of  human  desire. 
Every  coin  dollar  in  existence  averaged  a  day's  toil  to  extract  it  from 
the  earth.  Second.  They  represent  much  labor  in  a  very  small  bulk, 
and  are  therefore  exceedingly  portable,  and  require  but  little  eft'ort  to 
handle  or  export  A  pound  of  gold  will  exchange  for  a  year's  labor 
in  most  countries.  It  will  buy  a  good  span  of  hf)r.ses  and  wagon  in 
Ohio,  or  600  bushels  of  corn  in  Illinois,  or  a  ton  of  cotton  in  the  South, 
for  the  simple  reason  that  it  costs  as  much  labor  to  extract  a  pound  of 
it  from  the  earth  as  to  produce  or  obtain  the  other  named  thinga  Third. 
Gold  does  not  corrode  or  oxydize.  It  is  indestructible  by  fire,  and 
nearly  inconsumable  by  use.  It  is  malleable  to  a  wonderful  degree,  and 
can  be  wrought  into  any  shape,  and  will  receive  and  retain  any  impres- 
sion. It  may  be  alloyed  or  refined,  and  thus  softened  or  hardened ;  and 
silver  possesses  all  those  qualities  in  nearly  equal  degree  and  perfection. 
Fourth.  These  metals  can  be  put  to  a  multitude  of  uses  ;  they  are  in- 
dispensable in  the  arts  for  thousands  of  mechanical  purposes.  Fifth. 
They  are  the  most  beautiful  of  all  metals,  and  ever  nave  exercised  a 


captiviitiiiR  nttrnction  for  the  frmnin  ns  well  as  timlo  mind  for  pn'soiml 
ormuiKMitH  ai)(l  \isoh.  Th'-y  aio  almost  ohjccts  of  worsliip  aiiion^'  mill- 
io!is  of  tilt!  Inimaii  family.  In  poct'iy  ami  propliody  tlioy  furnish  tho 
llnost  comparisons  and  (ij^nrcs  of  spci'di.  Amonf?  IiouUkmi  nations 
tlioy  art!  sliapi-d  to  represent  goils  and  deities  :  and  tho  sacred  images, 
crucifixes,  and  sacramental  vessels  of  all  Christian  sects  arc  moulded 
from  them,  as  they  represent  licanty,  purity,  durahility  and  worth.  The 
groat  deeds  of  heroes  and  statesmen  are  acknowledged  and  rewarded, 
in  silver  and  f^f)ltlen  nuidals,  by  grateful  governments  and  people, 
Ijastly.  The  quantilies  of  those  metals  arc  comparatively  limited,  and 
the  increase  or  deenNiso  of  the  whole  amount  in  possession  of  tho  world 
is  hardly  perceptihle  in  years  of  time.  Their  exehnngeahle  value  re- 
mains nearly  uniform  the  earth  over,  taking  all  commoditi(>s  into 
account.  In  the  hust  thirty  years  there  lia.s  been  some  increa.so  in  the 
stock  of  gold,  but  a  dccreaso  in  silver;  taken  together,  tho  ptr  capita 
increase  of  cash  coin  has  boon  comparatively  small  in  tho  world.  Tho 
wisdom  an(l  purpose  of  tho  Almighty  aro  clearly  diaocrniblo  in  tho 
creation  of  gold  and  silver.  Tluit  lie  designed  them  as  a  money  inoili- 
urn  of  exeliange  for  mankind  cannot  bo  called  in  question,  the  Demo- 
cratic Now  Departure  to  the  contrary  notwithstanding. 

GKKKNBACKS  AND  GOLD  COMPARED. 

Compare  a  greenback  with  a  gold  eagle.  Tho  one  is  a  piece  of  tissue 
paper,  the  other  is  precious  metal.  On  the  greenback  is  the  picture  of  a 
President's  head  and  a  Goddess  of  Liberty.  Inscribed  on  it  are  the 
words:  "Washington,  D.  C,  March —,  1863.  Tho  United  States 
"will  pay  the  bearer  ten  dollars  (232^  grains  of  gold)  payable  a,t 
"  the  Treasury  of  tho  United  States,  at  New  York.  (Signed)  L.  E. 
"Chittenden,  Register;  F.  E.  Spinner,  Treasurer  of  United  States." 

Now  look  at  the  gold  eagle.  There  is  no  promise  to  pay  stamped  on 
it;  nothing  but  tho  simple  declaration  "Ten  Dollars,"  a  medallion  fig- 
ure, and  a  coinage  date.  That  is  all.  The  "ten  dollars"  means  that 
it  contains  232^  standard  grains  of  gold.  There  is  no  promise  to  pay 
about  it  It  is  payment  itself;  it  is  capital,  property,  the  product  of 
hard  labor,  and  is  valuable  for  its  uses  independent  of  its  employment 
as  money.  But  the  greenback  note  is  merely  a  promise  to  pay  money. 
That  is,  it  promises  to  pay  gold  or  silver,  for  the  constitution  recog- 
nizes no  other  substances  as  actual  dollars,  or  money,  than  gold  and 
silver.  It  is  the  promise  to  pay  coin  dollars  that  gives  the  greenback 
notes  whatever  value  they  possess.  A  note  that  is  convertible  into  a 
bond  which  itself  is  controvertible  back  into  the  note,  and  neither  con- 
vertible into  gold,  are  both  utterly  devoid  of  purchasing  power.  A 
cart-load  of  them  would  not  purchase  a  breakfast.  Redemption  in  coin 
or  its  equivalent  is  the  touchstone  of  the  value  of  a  note  or  bond.  If 
a  British  consol  is  alleged  to  be  an  exception,  I  reply  that  the  interest  it 
bears  is  paid  in  standard  gold,  and  when  the  government  purchases  any 
of  the  consols  they  are  paid  for  in  gold.  The  only  value  the  bonds  of 
this  government  have  ever  possessed  has  always  been  determir  to 
the  fraction  of  a  cent,  by  the  amount  of  gold  they  would  sell  for  in  the 
money  markets  of  the  United  States  and  Europe.  The  greenback 
notes  have  been  worth  each  day  since  they  were  emitted  just  what  the 
brokers  would  give  for  them  in  gold,  and  no  more.     The  government 


ir  personal 
iiiKii^'  iiiill- 
t'liriiidli  tho 
lott  iiatiiiiiH 
\vA  iiiiitm'H, 
ro  inoiilfliui 
worth.  The 
I  nnvardcil, 
and  iH!()|)lo, 
liiiiiU'd,  and 
A'  tlio  world 
()  value  rO" 
oditi(>s  into 
roarto  ill  the 
)  prr  capita 
irorld.  The 
nililo  in  the 
lonoy  nieili- 
the  Demo- 


cce  of  tissue 
picture  of  a 
1  it  are  the 
»ited   States 

payable  at 
igned)  L.  B. 

States." 

stamped  on 
edallion  fig- 

means  that 
rnise  to  pay 
I  product  of 
emplo}inent 
)  pay  money, 
ution  rccog- 
in  gold  and 
e  greenback 
rtible  into  a 

neither  con- 
l  power.  A 
ptionincoin 
)r  bond.  If 
he  interest  it 
urchases  any 
he  bonds  of 
jtermif;  to 
ell  for  in  the 
e  greenback 
LSt  what  the 

government 


havinji;  nogleotod  to  nvloorn  thorn  at  par,  the  brokers  liavo  done  it  at  a 
di.'«'ounf.  As  tho  (iriidit,  of  tlin  goverriiiu^nt  iiriprovcH,  tlicy  pay  umre 
gold  for  tlu'iii,  bocauso  tlio  irnj)rov(>m(!nt  of  cnulit  .signKicsan  incrensing 
probability  that  ere  long  it  will  make  good  its  promise  to  rcdcein  thoin 
at  par  in  gold. 

VAM'K    UKALIZKI)    KOK  THE    KIVE-TWKNTY    HONDH. 

Tho  Democratic  financial  plank  sets  forth  this  reason  for  paying  the 
bonded  diibt  in  now  issues  of  irredeemable,  ami,  as  T  have  shown, 
worthless  notes,  viz:  "That  tho  public;  creditor  is  eiititlc<l  to  bo  paid  in 
tho  samo  currency  he  loaned  to  tho  government;  that  wIkmi  ho 
loaneil  greonbiuiks  ho  should  bo  paid  in  greenl)aeks,  unless  tho  contract 
otherwi.se  provides,  and  when  he  loaned  gold  he  should  bo  paid  in 
gold." 

General  Kwing,  who  heartily  endorses  this  proposition,  seeks  to  cre- 
ate tho  impression  on  tho  public  mind  that  tho  govornmoiit  only  realized 
40  per  cent,  of  gold  value  for  its  bonds;  thorotbro,  the  |)rcsent  holders, 
regardless  of  what  they  paid,  should  be  forced  to  yield  them  back  upon 
receiving  40  per  cent,  of  what  they  call  for. 

It  is  dishonest  to  underrate  and  misrepresent  the  amount  which  the 
government  realized  from  its  notes  and  bonds.  Lot  mo  correct  these 
assertions  by  the  facts  derived  from  the  official  reports  to  Congress. 

During  i8Gl  the  currency  was  at  par  and  the  first  $150,000,000  of 
greenbacks,  issued  under  tho  act  of  February  25,  1862,  realized  the 
government  almost  par.  The  first  issue  of  bonds,  the  "Sixes  of  '81," 
so  called,  realized  nearly  gold  value  to  the  government;  amount  sold, 
$283,000,000. 

The  average  value  realized  in  1862,  for  the  5-20  bonds  and  the  7-30s 
convertible  into  them,  was  91^  per  cent.  The  average  price  of  5-20s 
and  7-30s,  sold  in  1863,  was  73i  per  cent.  The  average  price  of  the 
same  securities,  sold  in  1864,  was  55^  percent  Tho  average  price  of 
the  same  securities  in  1865,  was  67J  percent  And  the  average  realized 
during  the  four  years,  was  72  1-5  per  cent 

In  the  dark  and  gloomy  year  of  1864,  that  tried  the  souls  of  patri- 
otic men,  the  average;  value  realized  in  each  quarter  for  the  bonds  sold 
was  as  Idllows;  First  quarter,  68  3-5  per  cent;  second  quarter,  67 ; 
third  quarter,  45,  and  fourth  quarter,  61  per  cent  There  were  days  in 
the  third  quarter  of  that  black  year  when  but  40  per  cent  of  gold  value 
was  realized.  And  on  these  exceptional  dark  days  General  Ewing 
seizes,  and  unfairly  endeavors  to  convey  the  impression  that  40  per 
cent  was  the  aveiage  amount  realized  for  the  6-20  bonds,  when,  iu  fact, 
it  was  more  than  72  per  cent 

WHY   THE  BONDS  SOLD  80    CHEAP. 

But  why  was  it  that  our  bonds  only  averaged  55J  per  cent  in  the 
year  1864,  and  at  times  sank  to  40  per  cent?  That  was  the  year,  fellow- 
citizeiis,  when  the  Democratic  party  of  the  North  proclaimed  the  war 
for  the  suppression  of  the  slaveholders'  rebellion  to  be  a  failure,  and 
endeavored  by  every  means  in  their  power  to  make  it  a  failure.  The 
patriotic  people  of  the  North  were  between  two  lires.  Fourteen  Demo- 
cratic States  were  in  rebellion  and  fighting  desperately  for  the  dismem- 
berment of  the  Union,  and  the  solid  Democratic  party  of  twenty-three 


iTftftri..  'l..A^.^s.vJ-fc^s^'«^!l■« 


iiiminniniiimwi^  . 


Ji 


:     8 

Republican  States  were  doing  everything  they  dare  to  help  their 
Southern  brethren.  It  was  tliis  treacherous  defection  in  the  North  that 
so  impaired  the  financial  credit  of  the  government  that  greenbacks  for  a 
time  were  quoted  at  250,  and  bonds  realized  but  40  per  cent  Does  it 
become  the  mouths  of  Democratic  orators  to  prate  about  the  depreciation 
of  the  bonds  of  the  government  when  they  themselves  were  the  chief 
cause  of  that  depreciation  ?  Has  a  man  in  law  or  morals  a  right  to  take 
advantage  of  his  own  wrong-doing,  and  charge  his  innocent  adversary 
with  the  mischief  himself  has  willtuUy  and  maliciously  caused? 

HOW   DEPRECIATION   MIGHT  HAVE   BEEN   PREVENTED. 

Had  the  Democratic  party  stood  shoulder  to  shoulder  with  the  Re- 
publicans from  the  outbreak  to  the  close  of  the  war ;  had  they  pro- 
claimed to  the  rebel  South  that  there  could  be  neither  truce  nor  compro- 
mise while  a  rebel  remained  in  arms  ;  had  their  orators  and  newspapers 
called  on  their  party  to  uphold  the  public  credit  with  money  and  arms; 
had  they  frowned  down  all  opposition  to  the  draft,  and  urged  all  able- 
bodied  men  to  the  front,  ana  volunteered  to  load  them;  I  say,  if  the 
Democracy  had  acted  in  this  patriotic  way,  instead  of  the  quasi-treason- 
able manner  in  which  they  did  act,  not  a  bond  would  ever  have  sold 
below  90 ;  not  a  quotation  of  greenbacks  would  have  been  made 
higher  than  now.  The  war  itself  would  have  ended  in  1863  at  the 
farthest  Half  the  loss  of  precious  life,  and  half  the  waste  of  treasure 
would  have  been  spared.  Our  debt  to-day  would  be  reduced  to  a  few 
score  millions,  our  currency  would  be  at  par,  and  300,000  brave  young 
men.  North  and  South,  now  mouldering  in  the  dust,  would  bless  and 
cheer  us  with  their  presence,  strength  and  manliness.  The  North  fought 
the  rebellion  with  one  hand.  The  right  hand  struck ;  the  left  hand 
hung  nerveless. 

THE  BONDS  HAVE  CHANGED  HANDS. 

But  to  return  to  the  question  of  the  payment  of  the  bonds.  The 
Democratic  platform  says  that  "  the  public  creditor  is  entitled  to  be 
paid  in  the  same  currency  he  loaned :  that  when  he  loaned  greenbacks 
he  should  be  paid  in  greenbacks." 

One  might  suppose  that  even  stupidity  itself  should  know  that  the 
^outstanding  bonds  are  no  longer  in  the  possession  of  the  original  sub- 
scribers, but  have  changed  hands  many  times.  The  great  mass  ot 
those  who  first  bought  them  have  sold  out  and  now  hold  no  bonds. 
Some  of  the  bonds  have  changed  hands  scores  of  times.  Two-thirds 
of  all  the  5-20  bonds  outstanding  are  in  Europe — chiefly  in  Germany. 
More  than  five  hundred  millions  have  been  bought  since  the  war,  by 
the  Germans,  English,  and  French,  at  prices  ranging  from  75  to  100 
per  cent  in  gold.  More  than  $900,000,000  of  our  bonds,  chiefly  5-203, 
are  held  in  Europe,  and  the  proceeds  of  their  sale  have  passed  into  tho 
channels  of  commerce,  and  are  taxed  the  same  as  all  other  property.  • 

OP  WHAT  VALUE  SHOULD  THE  GREENBACKS  BE? 

If  the  "bloated  bondholdera "  should  be  paid  in  greenbacks,  of  what 
value  should  the  greenbacks  be?  Several  hundred  millions  of  the  bonds 
first  sold  realized  the  government  between  90  and  100  per  cent;  how 
much  are  the  holders  of  these  be  nd?  to  be  paid  ?    Others  brought  dif- 


\1 


mfrm'xmm'mmm 


to  help  their 
;he  North  that 
jenbacks  for  a 
sent  Does  it 
e  depreciation 
ere  the  chief 
i  right  to  take 
ent  adversary 
used  ? 

^TED. 

with  the  Re- 
lad  they  pro- 
je  nor  compro- 
ad  newspapers 
ney  and  arms; 
jrged  all  able- 
;  I  say,  if  the 
quasi-treason- 
rer  have  sold 
B  been  made 
in  1863  at  the 
ste  of  treasure 
uced  to  a  few 
)  brave  young 
)uld  bless  and 
e  North  fought 
;  the  left  hand 


}  bonds.  The 
entitled  to  be 
led  greenbacks 

know  that  the 
3  original  sub- 
great  mass  of 
lold  no  bonds. 
8.  Two-thirds 
y  in  Germany, 
ce  the  war,  by 
rom  75  to  100 
I,  chieny  5-20s, 
passed  into  the 
er  property.  • 

BE? 

ibacks,  of  what 
ns  of  the  bonds 
per  cent;  how 
srs  brought  dif- 


X 


w 


9 

ferent  prices,  below  90  and  above  70  percent;  others  below  70  and 
above  50  per  cent,  and  a  few  sold  down  to  40  per  cent  when  tiie  capi- 
talist at  home  and  abroad  felt  apprehensions  that  the  bottom  was  falling 
out  of  the  whole  thing,  and  that  the  Union  was  going  where  the  wood- 
bine twinelb. 

SEVERAL    QUESTIONS. 

As  it  is  no  longer  possible  to  deal  with  the  original  purchasers  of 
the  bonds,  and  as  most  of  the  present  holders  have  paid  between  90 
cents  and  par  for  them,  I  desire  General  Ewing,  or  some  one,  to  "rise 
and  explain  "  what  they  mean  by  the  expression,  "  paying  the  bond- 
holders in  greenbacks.'^  Are  greenbacks  worth  40)  per  cent  to  be 
tendered  to  the  holders  of  bonds  that  originally  realized  the  govern- 
ment 99  per  cent,  or  85,  or  70,  or  any  other  sum  above  40  per  cent.  ? 
How  is  the  present  holder  of  a  bond,  who  paid  par  for  it,  to  be  forced  to 
receive  a  note  worth  but  40  or  50  cents,  on  the  ground  that  it  was  sold 
in  1864  for  that  amount?  Then  another  man  gave  the  government  98 
or  97  cents  for  greenbacks,  and  kept  them  in  his  possession  until  the 
Democratic  opposition  to  the  Union  cause  depressed  their  value  to  45 
cents,  when  he  gave  them  back  to  the  government  and  received  a  5-20 
bond  in  lieu  of  them,  which  he  still  has.  How  is  he  to  be  paid  ? 
Shall  he  receive  the  original  value  he  gave  the  government  for  the 
notes,  or  only  what  they  were  worth  when  he  parted  with  them  ?  If 
every  present  holder  of  a  5-20  bond  is  to  be  paid  in  greenbacks  of  the 
exact  gold  value  of  those  the  original  purchaser  gave  for  the  bond, 
how  are  such  greenbacks  to  be  manufactured  ?  By  what  process  can 
the  government  impart  to  one  irredeemable  note  the  commercial  value 
or  purchasing  power  of  40  per  cent,  and  to  another  50,  70,  80,  90,  or 
100  per  cent?  For  unless  this  can  be  done,  the  whole  proposition  to 
repay  the  value  originally  loaned  falls  to  the  ground.  Is  a  greenback 
worth  ten  cents  on  the  dollar  to  be  considered  as  payment  for  a  bond 
costing  the  holder  98  per  cent? 

WHAT  FOREIGN  POWERS  WOULD  SAY  AND  DO. 

Suppose  our  government  should  adopt  the  Ohio  Democratic  financial 
plank,  and  pass  a  law  notifying  all  holders  of  5-20  bonds  to  send  them 
in  for  exchange  for  non-interest  irredeemable  notes,  worth  anywhere 
from  10  per  cent  to  20,  or,  say  40  per  cent,  what  answer  would  the 
Governments  of  Germany,  England,  and  France  return  to  us?  They 
would  say  :  "  Mr.  Yankee,  you  may  cheat  and  defraud  your  own  citizens 
to  your  heart's  content,  but  we  shall  submit  to  no  such  swindle.  We 
hold  your  bonds  to  the  amount  of  900  millions  of  dollars,  not  payable 
in  shinplasters,  but  in  gold  and  silver  dollars,  as  defined  in  your  own 
constitution.  Our  people  paid  the  highest  market  price  for  your  secu- 
rities ;  some  of  them  were  purchased  when  your  credit  was  nearly 
destroyed  by  one  of  your  own  parties.  They  took  the  chance  of  your 
bankruptcy.  They  loaned  you  the  capital  which  enabled  you  to  pull 
through  and  save  your  government  from  ruin,  and  you  were  very  glad 
to  sell  your  bonds  for  what  our  people  were  willing  to  pay  at  the  time. 
We  knaw  nothing  of  your  stuff  you  call  greenbacks,  but  we  are 
not  verdant  enough  to  be  imposed  upon  with  such  green  stuff.  We 
paid  you  for  your  bonds  solid  coin,  and  materials  of  war.     We  sent 


iii!aiiiM,aii'»i!tiia!',iM»M)»Mi.W'  '""  ' 


jfcl|i|iiljiMirSi(lTpill|(|llgTTiV!ii|--ir|-in'iaiirilS;i|VLli 


10 

you  clothing,  arms,  aild  ammunition  in  p!irt  payment,  and  the  residue  in 
hard  cash.  You  are  now  solvent,  rich,  and  abundantly  able  to  pay 
your  just  debts,  and  if  you  undertake  to  defraud  our  people  out  of 
their  money,  we  shall  make  common  cause,  and  proceed  to  collect  their 
claims  for  them,  with  costs  of  suit  Do  you  understand  that?  "  This  is 
what  those  powers  would  say  to  our  government,  and  the  whole  world 
would  applaud  them  for  it.  In  such  a  contest  we  should  have  not  a 
friend  upon  earth.  All  the  nations  would  point  the  finger  of  scorn  at 
the  great  and  boastful  republic,  and  cry  shame  on  you  for  such  base 
rascality  and  dishonesty. 

General  Ewing  went  into  an  extended  calculation  to  show  the 
amount  the  government  would  make  by  adopting  his  financial  new 
departure.  He  said  there  were  1,600  millions  of  5-20  bonds  wliich 
could  be  wiped  out  by  the  Wilkins  Micawber  method  of  paying  debts 
by  giving  your  creditor  a  note.  But  he  avoided  any  computation  of 
the  amount  the  people  would  lose  by  the  scheme  of  watering  the  cur- 
rency. 

THK   VALUE   OP  DEPOSITS  AND  CURRENCY. 

Let  me  give  you  some  statistical  facts,  which  the  Democracy  would 
do  well  to  study. 

We  have  now  a  currency  consisting  in  round  numbers  of— 

Greenbncks ^$^ul% 

8  per  cent,  certificates !'.*,'**        40 

Fractional  currency '[ aq 

National  Bank  notes '.."!!!!!!!!!!!  324 

Total I  760 

"Worth  at  90  per  cent,  in  gold  value |  ^34 

According  to  the  latest  bank  returns,  the  following  amounts  were 
deposited  with  the  banks,  and  subject  to  be  checked  out  on  sight : 

National  Bank  deposits fi"To6 

State  and  private  bank  deposits !.'.".'!.'!!!!     8 jO 

Savings  bank  deposits '.....!!!*.!!!".!!!'..   TOO 

Total  deposits  ^^ 

Add  currency  m  individual  hands 45Q 

Currency  reserves  in  all  banks !!'.!!!'.!!!!!      300 

Total  deposits  and  cash *2  406 

The  present  gold  value  of  these  deposits  and  of  the  currency  in  the 
hands  of  the  people,  and  of  all  the  banks,  is  2,165  millions— estimated 
at  90  per  cent  The  amount  of  deposits  in  all  the  banks  placed  to  the 
credit  of  individuals,  is  greater  by  48  millions  than  were  the  5-20s  at 
their  maximum  amount  in  1868,  which  was  1,602  milliona  On  the 
first  of  AugL\st,  1871,  the  5-20s  outstanding  were  1,327  millions. 
Since  then  they  have  been  reduced  by  payment  and  exchange  into  the 
new  five  per  cents,  to  something  like  1,190  milliona 

If  the  holders  of  the  5-20  bonds  could  be  cheated  out  of  every  dol- 


11 


the  residue  ia 
able  to  pay 
)eople  out  of 
)  collect  their 
at?"  Thiais 
whole  world 
1  have  not  a 
3r  of  scorn  at 
for  such  base 

to  show  the 
financial  new 
bonds  wliich 
paying  debts 
)mputation  of 
ring  the  cur- 


Dcracy  would 
.f— 

Hillions. 

$  »66 

40 

40 

324 

$  760 

I  684 

no  ants  were 
n.  sight : 

MilliODg. 

$  606 

SoO 

loo 

$1,666 

460 

300 

$2,406 

•rency  in  the 
s — estimated 
placed  to  the 
the  5-203  at 
ns.  On  the 
27  millions, 
nge  into  the 

f  every  dol- 


lat  by  the  Democratic  platform  scheme,  the  tax-payers  would  seemingly 
gain  by  the  transaction  1,190  millions;  bnt  if  their  present  currencd 
should  be  destroyed  in  the  act,  they  would  lose  2,165  millions  in  goly 
value. 

Let  us  suppose  that  by  proposed  inflation  the  debasement  only 
depreciated  the  currency  to  40  per  cent. — a  point  it  once  reached 
during  the  war — the  effect  would  be  to  wipe  out  1,203  millions  of  gold 
value"of  the  deposits  in  banks  to  the  credit  of  the  people  and  of  the 
currency  in  their  hands.  For  the  purpose  of  cheating  the  bondliolders 
out  of  iiO  per  cent  of  their  rightful  claims,  amounting  to  717  millions 
of  dollars,  it  would  be  necessary  to  destroy  1,203  millions  of  credits 
and  cash  belonging  to  the  people,  for  that  would  be  the  necessary  and 
inevitable  effect  of  reducing  the  value  of  the  existing  currency  to  40 
cents  on  the  dollar. 

The  $700,000,000  deposited  in  the  savings  banks  of  the  United 
States  constitute  the  little  hoards  of  three  millions  of  poor,  honest  labor- 
ing people.  These  deposits  represent  the  pinchings  of  poverty,  the 
self  denials  of  poor  men  and  women,  mechanics,  laborers,  apprentices, 
hod-carriers,  coal-heavers,  washerwomen  and  servants,  miners  who  peril 
their  lives  in  the  bowels  of  the  earth,  and  sailors  who  dare  the  dangers 
of  the  deep.  The  956  millions  of  all  other  deposits  belong  to  the  busi- 
ness classes,  the  merchants,  traders,  shopkeepers,  drovers,  manufacturers, 
professional  men,  and  largely  to  farmers  and  planters.  Any  deprecia- 
tion of  the  currency  strikes  down  the  value  of  those  credits  as  well  aH 
of  the  money  of  account,  A  depreciation  of  even  ten  per  cent,  amounts 
in  the  aggregate  to  a  loss  of  $240,000,000.  What  kind  of  statesmanship 
is  that  which  would  debase  the  currency  and  destroy  the  value  of 
credits  amounting  in  the  aggregate  to  more  than  the  national  debt  in 
order  to  swindle  t^e  bondholders  out  of  their  claims?  Does  the  pro- 
posal spring  from  intellectual  darkness  or  from  a  moral  nature  in  decay? 

GREENBACKS  IN  REPAYMENT  OF  GREENBACKS, 

But  the  public  creditors  loaned  greenbacks  to  the  government ;  there- 
fore they  should  be  paid  only  in  greenbacks,  says  the  Democratic  plat- 
form. There  is  no  hint  given  that  any  regard  is  to  be  had  to  the  value 
of  the  greenbacks. 

A  greenback  note  is  not  a  thing  of  steady  and  determinate  value, 
but  it  is  as  unstable  as  water,  as  fluctuating  as  air.  For  nine  years  this 
currency  hac  been  in  circulation,  and  hardly  for  a  day,  in  all  that  period, 
has  its  value  remained  fixed,  but,  like  the  mercury  in  a  tube,  it  has  been 
forever  rising  and  falling,  and  often  these  changes  have  been  very  sud- 
den and  great.  But  who  is  responsible  for  these  continual  oscillations 
of  value — these  everlasting,  never-ceasing,  up-and-down  movements  ?  It 
is  not  the  public  creditors ;  the  bondholders  have  nothing  to  do  with 
it ;  the  people  who  use  those  notes  are  not  answerable  for  it.  The 
bondholders  and  the  noteholders  rejoice  when  the  value  of  the  green- 
backs improve,  and  grieve  when  they  decline. 

WHO   IS  RESPOKSIBLE   FOR  FLUCTUATIONS? 

It  is  the  government  that  is  responsible  for  the  fluctuations  and  depre- 
ciation of  its  notes ;  first,  in  repealing  the  original  act  making  green- 
backs convertible  into  5-20  bonds,  at  the  option  of  the  hdlder.    This 


liiii  i'jlMi'nii 


12 

act  of  bad  faith  was  committed  March  3,  1863,  and  took  effect  July  1, 
1863,  when  300  millions  of  greenbacks  had  already  been  issued  and 
were  in  the  hands  of  the  people.  It  is  said  that  it  was  done  at  the 
instance  of  Secretary  Chase,  but  the  motive  for  so  doing  has  never  been 
satisfactorily  explained.  Secondly,  the  government  is  responsible  for 
the  depreciation,  in  not  redeeming  its  notes  in  coin  as  it  promised  to 
do.  As  I  have  already  stated,  a  "  greenback  "  is  simply  a  due  bill  of 
the  government,  payable  to  bearer,  in  coin,  on  presentation  to  the 
National  Treasury.  Each  dollar  named  on  the  face  of  the  greenback 
calls  for  23i  grains  of  standard  gold.  When  the  government  is  ready 
and  willing  to  redeem  its  due-bills  on  demand,  the  bondholders  will 
cheerfully  receive  them  in  exchange  for  the  5-20  bonds.  Is  that  not 
fair  ?  They  never  agreed  to  receive  them  at  par,  unless  the  government/ 
first  made  good  its  own  promise  to  pay  them  at  par.  The  whole  trouble 
grows  out  of  the  failure  of  the  government  to  perform  its  part  of  the 
contract  with  the  public  creditors— with  the  noteholders  as  well  as  the 
bond-holders ;  and  they  were  the  same  persons,  to  a  great  extent  It 
was  the  duty  of  the  government  to  keep  its  notes  at  par.  If  it  had, 
par  value  would  have  been  realized  for  its  bonds.  But  failing  to  do 
this,  the  public  creditora  are  not  to  blame  for  the  consequent  deprecia- 
tion, but  the  government  itself  They  paid  for  the  bonds  in  the  gov- 
ernment's own  currency,  and  gave  it  for  the  bonds  exactly  the  amount 
of  this  currency  it  asked  for  them. 

What  right  has  the  government  first  to  refuse  to  redeem  its  notes, 
thereby  willfully  causing  their  depreciation,  and  then  to  force  them  at 
par  on  its  creditors  ?  What  right  has  it  to  manufacture  new  batches  of 
notes  in  violation  of  its  pledge  in  the  act  of  June  30,  1864,  that  "the 
total  amount  of  U.  S.  notes  issued,  and  to  be  issued,  shall  never  exceed 
400  millions,"  and,  making  no  provision  for  the  payment  of  these  "  wild- 
cats," to  foist  them  on  the  holders  of  bonds  purchased  ten  or  seven 
years  ago  ?  Yet  this  is  what  the  Democratic  platform  pledges  that 
party  to  do  if  they  get  into  power.  They  call  this  a  "  financial  new 
departure."  It  certainly  is  from  the  paths  of  common  honesty  and 
national  good  faith. 

THE   MORAL   LAW   OP   PROMISES. 

Men  act  from  expectation.  Did  the  people  in  the  United  States  and 
Europe  expect  or  believe  when  th^  government  borrowed  their  capital 
that  it  had  reserved  the  right  or  privilege  never  to  redeem  its  own  notes, 
but  let  them  depreciate  to  any  extent  that  might  happen,  and  that  it 
had  also  reserved  the  right  to  manufacture  hundreds  of  millions  of  new 
and  irredeemable  notes  at  the  time  the  bonds  would  become  payable, 
and  tender  these  notes  in  full  payment  and  satisfaction  of  the  bonds? 
Certainly  not 

The  great  Dr.  Paley,  the  standard  authority  on  moral  science,  speak- 
ing of  the  sense  in  which  promises  are  to  be  interpreted,  says  :  '*  Where 
the  terms  of  a  promise  admit  of  more  senses  than  one,  the  promise  is 
to  be  performed  in  that  sense  in  which  the  promiser  apprehended  at 
the  time  the  promisee  received  it"  Apply  this  rule  ot  moral  law : 
Did  the  government  apprehend  at  the  time  it  sold  its  bonds  that  the 
purchasers  understood  they  were  to  be  repaid  in  irredeemable  notes  of 
chance  value?     No  man  believed  any  such  nonsense.     No    man 


effect  July  1, 
3en  issued  and 
as  done  at  the 
has  never  been 
responsible  for 
it  promised  to 
y  a  due  bill  of 
ntation   to  the 

the  greenback 
iinent  is  ready 
ndholders  will 
s.  Is  that  not 
he  government/ 
!  whole  trouble 
its  part  of  the 
i  as  well  as  the 
eat  extent  It 
)ar.  If  it  had, 
t  failing  to  do 
juent  deprecia- 
ids  in  the  gov- 
tly  the  amount 

deem  its  notes, 
force  them  at 
new  batches  of 
864,  that  "  the 
I  never  exceed 
)f  these  "  wild- 
d  ten  or  seven 
1  pledges  that 
'financial  new 
a  honesty  and 


ited  States  and 
id  their  capital 
its  own  notes, 
;n,  and  that  it 
nillions  of  new 
3ome  payable, 
of  the  bonds? 

science,  speak- 
says :  '*  Where 
the  promise  is 
pprehended  at 
3t  moral  law: 
bonds  that  the 
Tiable  notes  of 
se.     No   man 


13 

would  have  given  a  dollar  a'  cord  for  5-20  bopds  issued  with 
such  an  understanding.  The  government  never  hinted  at  any- 
thing of  the  sort.  It  was  never  dreamed  of  until  disunion  dema- 
gogues begun  to  cast  a',  lut  for  some  scheme  of  defalcation  that  would 
appear  les°  glaring  and  indefensible  on  its  face  than  a  proposition  of 
naked  and  hideous  repudiation.  Yet  every  man  who  supports  the  12tb 
plunk  in  the  Ohio  Democratic  platform  knows  that  it  means  repudia- 
tion ;  that  its  practical  effect  would  be  to  swindle  the  holders  of  the 
5-20  bonds  out  of  every  dollar  of  their  valua 

Need  I  add  another  word  to  prove  the  preposterous  and  destructive 
character  of  the  Democratic  financial  scheme  ?  If  Vallaudigham  could 
be  called  back  to  life  and  was  shown  General  Ewing's  speech  on  the 
New  Departure,  what  do  you  think  he  would  say?  He  would  say,  in 
the  language  of  the  amazed  Irishman,  tJiat  he  was  glad  he  was  dead. 

EXPANSION   MAKES  DEAR  INTEREST. 

General  Ewing  gives  it  as  his  opinion  that  his  new  wildcat  currency 
will  reduce  the  rates  of  interest.     His  language  is : 

•'(4.)  It  will  establish  a  moderate  and  nearly  uniform  rate  of  inter- 
est As  much  will  be  issued  at  once  as  will  command  investments 
preferable  on  the  whole  to  government  3  per  cents.  It  will  thus 
estiblish  the  average  rates' paid  by  business  men  at  about  5  per  cent 
instead  of  9,  as  now.  Once  established,  these  rates  will  be  compara- 
tively uniform,  because  as  they  tend  to  rise  more  currency^  will  be 
issued,  as  they  tend  to  fall  more  will  be  exchanged  for  bonds.' 

A  greater  financial  fallacy  never  was  uttered  by  any  man  entitled  to  a 
respectful  hearing.  The  proposed  bonds  not  being  payable  in  gold 
or  other  valuable  thing,  will  be  nothing  more  than  one  form  of  irre- 
deemable notea  Their  issue  will  inflate  the  currency  just  the  same  as 
the  issue  of  the  notes.  luflutioa  always  increases  the  rates  of 
interest,  as  all  experience  has  demonstrated.  Before  the  war  the 
ruling  rates  of  interest  were  far  lower  than  after  inflation,  and 
consequent  depreciation,  set  in.  Inflation  causes  expansion  of  prices, 
and  while  the  watering  process  goes  on  dealers  seem  to  gain  large 
profits.  This  stimulates  speculation,  and  there  is  a  reckless  rush  to 
borrow  money ;  the  lenders  advance  their  rates  on  account  of  the  extra 
demand,  and  the  probability  that  the  principal  will  be  repaid  in  a  less 
valuable  currency.  Thus  inflation  always  results  in  higher  rates  of 
interest  Cheap  dollars  means  dear  interest  The  more  abundant  the 
currency  the  less  purchasing  power  it  possesses,  and  the  higher  are 
the  rates  charged  for  its  use. 

Contraction,  on  the  contrary,  if  not  too  sudden,  produces  a  reduction 
of  interest  rates,  because  as  the  dollar  becomes  more  uluable  fewer 
dollars  will  transact  the  exchanges  of  the  country,  and  the  chances  of 
being  repaid  in  a  better  currency  make  capitalists  anxious  to  loan 
money  on  the  best  attainable  terms.  Contraction  also  checks  wild 
speculation,  because,  in  reducing  previous  prices,  the  speculator  is 
obliged  to  sell  on  a  falling  market.  The  borrowing  demand  thus  falls 
off,  and,  with  it,  the  high  rates  of  interest  Men  do  less  risky  business, 
carry  lighter  stocks  of  goods,  go  less  into  debt,  trade  for  cash,  and  do 

not  spread  so  much  sail  for  their  ballast 


■■~~~~^""*Si*#fl!f**#f""flW" 


iiu-ii.gBSiB 


14 


a; 


THREE    INFLATIONS,   ^ITH   HIGH   INTEREST. 

"Within  the  personal  recollection  of  middle  aged  men  there  have  been 
three  periods  of  cucrenoy  inflation,  attended  with  high  rates  of  interest 
and  reckless  speculation,  and  followed  in  two  of  tlio  cases  with  sudden 
contraction  and  commercial  distress,  but,  utter  recuperation  commenced, 
with  greatly  reduced  rates  of  interest.  The  third  and  last  inflation 
was  followed  by  gradual  contraction  of  currency  and  gradual  reduction 
of  interest.  During  the  inflation  culminating  in  1837,  interest  rose  as 
high  as  24  per  cent.,  while  a  lew  years  afterwards,  when  business  and 
values  had  touched  the  "  liard-pan,"  interest  went  down  to  6  per 
cent  in  the  East,  and  6  per  cent,  in  Ohio— say,  between  1842  and 
1850. 

The  second  inflation,  which  collapsed  in  1857,  drove  the  rates  of 
interest  up  to  12  percent,  in  Ohio,  and  ,15  to  18  in  the  further  Western 
btates.  Ihe  contraction  that  followed  materially  reduced  it  in  all 
parts  of  the  Union.  In  Illinois  it  fell  otf  to  8  or  10  per  cent,  and  in  the 
East  6  to  7. 

Toward  the  close  of  the  rebellion  we  had  1,000  millions  of  currency, 
worth  60  to  60  cents  on  the  dollar.  We  have  now  760  milliors  of 
currency  worth  90  per  cent  Wliite  the  currency  has  been  contracted 
25  per  cent  in  volume,  it  has  gained  60  per  cent  in  exchangeable  value, 
and  the  rates  of  interest  iiave  liillen  throughout  the  United  States  Irom 
one-quarter  to  one-third  since  1865.  There  is  now  a  plethora  of  money 
and  low  rates  of  interest  at  all  the  money  centres.  Contract  the 
currency  a  little  more,  and  it  will  rise  to  par  value  of  gold ;  interest 
will  tall  still  lower  and  money  be  still  more  abundant.  When  the 
paper  currency  rises  to  par  with  gold,  the  money  of  exchange  will 
be  instantly  reinforced  by  all  the  idle  gold  and  stiver  in  the  country. 
Coin  will  then  come  into  circulation,  and  clean  silver  change  will  take 
the  place  of  greasy,  torn  fractional  sbinplasters.  In  all  countries 
where  the  paper  dollar  is  kept  at  par  value  with  gold,  the  rates  of 
Ujterest  are  low  and  loanable  money  is  abundant,  as  in  Great  Britain, 
France,  and  Germany,  whereas  in  Austria,  Italy,  Spain,  and  Russia,  ~ 
where  the  paper  currency  is  depreciated,  the  rates  of  interest  are  high, 
money  hard  to  borrow  and  extortionate  usury  prevails. 

DEPOSITS  AND  CHECKS. 

Not  only  does  contraction  give  greater  purchasing  power  to  currency 
and  restrain  wild  speculation,  and  thereby  make  money  easier  to  get 
by  legitimate  borrowers;  but  the  practice  becoming  universal  in  the 
cities  and  towns,  of  depositing  surplus  money  with  banks  and  paying 
debts  and  balances  with  checks  and  drafts  drawn  against  deposits,  h^ 
the  effect  to  double  or  treble  the  loanable  funds  of  these  institutions, 
and  to  dispense  in  large  measure  with  carrying  currency  about  on  the 
person,  or  keeping  it  in  actual  possession,  lying  idle.  Whereas  the 
loanable  capital  belonging  to  all  classes  of  banks  does  not  exceed  600 
millions,  the  discounts  of  those  banks  surpass  2,0i00  millions  This 
results  from  the  individual  deposits  made  with  the  banks,  which 
average  over  1,600  millions— more  than  three-fourths  of  which  the 
banks  keep  loaned  out 


IIWHIIIIJIII  IMJIWMSWMBHIWBigl 


■  ijaiiiSi'B 


15 


;here  have  been 
ates  of  int^erest 
les  with  sudden 
on  commenced, 
1  hist  inflation 
.dual  reduction 
interest  rose  as 
1  business  and 
own  to  6  per 
veen  1842  and 

•ve  the  rates  of 
urther  Western 
uced  it  in  all 
:ent.  and  in  the 

is  of  currency, 
'60  milliors  of 
jen  contracted 
mgeable  value, 
ted  States  from 
hora  of  money 

Contract  the 
gold;  interest 
It.  When  the 
exchange  will 
1  the  country, 
lange  will  take 

all  countries 
I,  the  rates  of 
Great  Britain, 
a,  and  Russia, 
erest  are  high, 


er  to  currency, 

easier  to  get 

iversal  in  the 

ks  and  paying 

deposits,  has 

e  institutions, 

about  on  the 

Whereas  the 

ot  exceed  600 

lillions.     This 

banks,   which 

of  which   the 


' 


Good  times  and  an  easy  money  market'depend  on  general  industry, 
surplus  capital  seeking  investment,  improved  credit  of  the  government, 
a  secured  and  redeemable  currency,  and  reduced  taxation  ;  and,  not  at 
all  on  the  quantity  of  depreciated  notes  that  may  be  issued  to  circulate 
as  money,  for  the  greater  the  inflation  the  worse  it  is  for  the  general 
prosperity. 

THE  GOVERNMENT   IS  NOT  A   BANK. 

General  Ewing  talks  about  the  government  furnishing  the  people 
With  a  currency,  which  is  another  shallow  sophistry.  The  government 
can  never  furnish  a  stable,  steady,  reliable  currency  unless  it  redeems 
it  in  coin,  or  makes  it  convertible  into  the  exchangeable  equivalent  of 
coin.  It  has  no  means  of  redemption  except  from  surplus  taxation, 
and  the  only  lawful  and  legitimate  use  to  which  a  surplus  can  be  put  is 
to  redeem  its  promissory  notes  rtnd  liquidate  national  debts,  and  when 
tliere  are  none  to  pay,  the  taxes  should  be  reduced,  in  order  that  no 
more  money  shall  be  extracted  from  the  earnings  of  the  people  than  is 
needed  for  the  support  of  the  government 

The  government  is  not  a  bank  of  loan  and  discount,  or  a  credit 
mobilier.  It  has  no  money  to  give  or  lend  to  anybody.  It  makes 
no  advances  on  grain,  cotton,  cattle,  goods,  or  on  bonds,  mortgages, 
collaterals,  or  judgment  notes.  Its  greenbacks  constitute  part  of  its 
debts,  which  it  has  promised  to  redeem,  but  don't,  and  hence  their 
fluctuations  in  value.  Any  increase  of  tliis  sort  of  indebtedness  adds 
to  the  difficulty  of  redemption  and  puts  off  the  time  of  their  payment, 
and   consequently  depreciates  tlieir  value.     The  more   there  are  of 

freenbacks  outstanding  the  less  each  will  be  worth  in  hands  of  the 
older.  Let  the  government  inflate  the  greenbacks  by  one  hundred 
millions,  and  the  brokers  will  not  give  by  15  or  20  per  cent  as  much 
for  them  as  they  now  pay.  From  90  percent  their  value  will  drop 
certainly  to  75  per  cent  Let  the  government  double  the  existing 
amount  of  notes  without  making  some  adequate  provision  for  their 
redemption, '  and  their  gold  value  will  fall  as  low  as  the  lowest  point 
they  touched  during  the  war.  And  let  the  government  issue  the 
amount  contemplated  by  the  Democratic  platform,  and  it  will  take  a 
wheel-barrow  load  of  them  to  purchase  a  barrel  of  flour.  The  finan- 
cial New  Departure  leads  to  financial  perdition.  The  worst  and  most 
dangerous  demagogues  in  organized  society  are  financial  quacks, 
because  their  nostrums,  if  taken,  unsettle  all  values,  impair  all 
business  relations,  cause  fever,  chills,  and  cramps,  and  end  always  in 
bankruptcy  and  wide-spread  ruin. 

CONCLUSION. 

When  the  rebellion  ended,  and  the  cost  of  the  fearful  struggle  was 
footed  up,  it  was  found  to  be  3,000  millions  of  dollars.  On  the  1st  of 
August,  1865,  the  recognized  indebtedness  of  the  nation  was  2,757  mill- 
ions. In  addition  thereto.  State  war  claims  were  presented  and  paid  to 
the  amount  of  50  millions ;  extra  pay  to  equalize  bounties  to  volunteers 
consumed  50  millions  more.  Then  came  tens  of  thousands  of  unsettled 
claims  to  contractors,  to  railroads  for  transportation,  to  vessel-owners 
for  sea  and  river  services ;  for  damages  for  property  seized  or  destroyed 


I 


'iMP^iiaMfiff-jp^i 


16 


'a 


I  :! 


J 

-A 


by  the  nrmy  and  navy,  for  back  pensions  unpaid,  etc.,  etc. — tlie  wlinle 
aggregating  tnoro  than  2nO  niillionH,  all  of  wliicii  have  since  been  liqui- 
dated, making  the  total  debt,  as  before  stated,  at  least  3,000  millions  of 
dollars. 

This  immense  debt,  which  represents  the  price  paid  for  saving  the 
Union,  has  been  reduced  below  2,280  millions;  700  millions  have  been 
extinguished  in  the  brief  period  of  six  years.  Nearly  one-fourth  of  the 
total  coat  of  the  war  has  been  paid  off.  Six  years  ago  the  interest 
charge  was  146  millions.  It  is  now  down  to  108  millions,  being  a  re- 
ducticm  of  88  milliona 

When  the  war  ended  we  numbered  84  millions  of  exhausted  inhabi- 
tants, in  debt  ninety  dollars  per  man,  woman  and  child.  We  are  now 
a  nation  of  40  millions  of  recuperated  people,  in  debt  only  fifty-eight 
dollars  per  capita.  We  have  six  millions  more  population  and  700 
millions  less  debt  than  in  1865.  The  burden  has  already  been  reduced 
more  than  onc-//«Vrf  per  head,  and  more 'than  one-half  as  regards  our 
ability  to  bear  it  The  credit  of  the  government  has  wonderfully  im- 
proved. When  the  war  terminated  our  6  per  cent  bonds  were  only 
worth  65  per  cent  in  gold.  The  government  is  now  able  to  sell  5  per 
cent  bonds  for  par  in  gold,  both  in  Europe  and  the  United  States,  and 
with  the  proceeds  retire  6  per  cents.  Let  the  policy  of  building  up  the 
national  credit  and  preserving  the  faith  of  the  Republic  pure  and  un- 
blemished before  all  the  world,  be  persevered  in,  and  ere  long  our  6  per 
cent  bonds  can  be  funded  intoij  or  4  per  cents,  and  the  interest  charge 
on  the  debt  will  be  reduced  to  eighty  millions  per  annum,  and  rapidly 
melt  away  with  the  payment  of  the  debt  itselK 

In  proportion  as  the  credit  of  the  nation  improves  by  living  up  to  the 
wise  maxim  that  honesty  is  the  best  policy,  the  rates  of  interest  paid 
by  borrowers  to  money-lenders  will  decline,  and  business  prosper.  The 
States,  cities,  and  municipal  governments  that  are  in  debt  will  be  able 
to  refund  their  bonds  at  lower  rates  of  interest ;  mortgages  will  be  re- 
newed, and  others  made  on  better  conditions.  Fanners,  merchants  and 
manufacturer  will  obtain  loans  on  easier  terms,  and  an  easy  money 
market,  with  cheap  interest,  and  currency  at  par  with  gold,  will  affora 
a  better  and  more  useful  protection  to  American  industry  than  all  the 
protective  tariffs  ever  invented  by  the  wits  and  wisdom  of  Congressmen. 

As  the  whole  embraces  all  its  parts,  so  the  improved  credit  of  the 
nation  will  improve  the  credit  of  every  State  and  municipality.  An 
impairment  of  national  credit  casts  a  shadow  and  a  taint  on  the  finan- 
cial reputation  of  every  person  and  corporation  in  the  land.  Next  to 
the  personal  liberty  of  the  citiz-en  nothing  in  organized  society  should 
be  so  sedulously  guarded  and  preserved  as  the  credit  and  good  faith  of 
the  government,  the  loss  of  which  would  be  the  signal  for  the  commence- 
ment of  national  dissolution  and  anarchy. 

In  conclusion,  I  submit  a  question  for  your  serious  consideration, 
whether,  for  the  sake  of  punishmg  the  public  creditors  for  advancing 
the  capital  with  which  the  rebellion  was  crushed  and  the  Union  pre- 
served, it  is  wise  or  prudent  to  set  out  on  the  Ohio  Democratic  Financial 
NeW'Departure  and  march  to  infamy  and  destruction. 


■JWifl 


BT — 


3. — tlie  whole 
ice  been  liqui- 
)0  millions  of 

or  saving  the 
ona  have  been 
•fourth  of  the 
)  the  interest 
3,  being  a  re- 

usted  inhabi- 
We  are  now 
nly  fifty-eight 
ition  and  700 
been  reduced 
regards  our 
nderfully  ira- 
ids  were  only 
;  to  sell  6  per 
d  States,  and 
ilding  up  the 
pure  and  un- 
jngour  6  per 
iterest  charge 
,  and  rapidly 

ingup  to  the 
interest  paid 
prosper.  The 
;  will  be  able 
8  will  be  re- 
lerchants  and 
easy  money 
d,  will  afford 
than  all  the 
congressmen, 
credit  of  the 
ipality.  An 
un  the  finan- 
id.  Next  to 
>ciety  should 
;ood  faith  of 
e  commence- 

ansideration, 

T  advancing 

Union  pre- 

tio  Financial 


.  --•,*rf«*,fM^Wli3r*™w  '-■' 


■-;yj>;.jutn;uj)ui;jiiij,i:,jii»ji.t,;ij|ggj,ij^i     - 


